Author: Luke Dashjr 2016-03-08 22:34:13
Published on: 2016-03-08T22:34:13+00:00
A draft BIP proposal has been made to update the Payment Protocol. The proposed extension aims to enable two parties to exchange payment information in an encrypted manner, allowing wallet address communication to become automated. It also allows for off-blockchain transaction logs that are human-readable, including who was transacted with. The motivation behind this extension to BIP70 is to ensure payment details can only be seen by participants and not third parties, allow for store and forward servers, and give senders the option of sharing their identity with the receiver. This could make bitcoin logs more human-readable, enable users to decide who to release payment details to, ensure donors match regulatory and legal requirements, and provide a way for regulated financial entities to meet regulatory requirements. The full proposal can be found on GitHub and feedback is welcomed.
Updated on: 2023-06-11T04:14:10.111783+00:00